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Lecture The restaurant: From concept to operation (7th edition): Chapter 14 - Walker

Chapter 14 - Restaurant business and marketing plans. After reading and studying this chapter, you should be able to: Describe the various forms of business ownership, discuss the advantages and disadvantages of each form of business, identify the major elements of a business plan,. | Chapter 14 Restaurant Business and Marketing Plans The Restaurant: From Concept to Operation, 7th edition Courtesy of Panificio Objectives After reading and studying this chapter, you should be able to: Describe the various forms of business ownership Discuss the advantages and disadvantages of each form of business Identify the major elements of a business plan Develop a restaurant business plan Conduct a market assessment Discuss the importance of the four Ps of the marketing mix Describe some promotional ideas for a restaurant Introduction Business plans Increase probability of success Communicate to financial backers Restaurants Are experiencing extreme challenges Difficult times Introduction (cont’d) New restaurant operation has a choice of legal entities Sole proprietorships Partnerships S corporations Courtesy of Panifico What Business Entity Is Best? Under law, all businesses are operated as: Proprietorships Partnerships Corporations Each has different tax . | Chapter 14 Restaurant Business and Marketing Plans The Restaurant: From Concept to Operation, 7th edition Courtesy of Panificio Objectives After reading and studying this chapter, you should be able to: Describe the various forms of business ownership Discuss the advantages and disadvantages of each form of business Identify the major elements of a business plan Develop a restaurant business plan Conduct a market assessment Discuss the importance of the four Ps of the marketing mix Describe some promotional ideas for a restaurant Introduction Business plans Increase probability of success Communicate to financial backers Restaurants Are experiencing extreme challenges Difficult times Introduction (cont’d) New restaurant operation has a choice of legal entities Sole proprietorships Partnerships S corporations Courtesy of Panifico What Business Entity Is Best? Under law, all businesses are operated as: Proprietorships Partnerships Corporations Each has different tax consequences Advantages and disadvantages What Business Entity Is Best? Under law, all businesses are operated as: Proprietorships Partnerships Corporations Each has different tax consequences Advantages and disadvantages What Business Entity Is Best? (cont’d.) Choice of entity affects: Federal income taxes Liability to creditors and other persons Legal and/or personal relationships among owners Legal life and/or transferral of the business entity Sole Proprietorship Simplest and the most prevalent Restaurant operator does not draw a salary for federal income tax purposes Reports as income the profit for the year or deducts, as an expense, any loss for the year Proprietor is not an employee However, income is subject to self-employment tax Sole Proprietorship (cont’d.) Advantages Simple and reasonable salary Funds can be withdrawn Without tax consequences Business can be discontinued or sold Minimal tax consequences Sole Proprietorship (cont’d.) Disadvantages